Admittedly, this has been partly mitigated by the generous ‘role-related allowances’ for senior staff introduced in 2013, but Barclays bankers will still be getting less for 2016 than for 2015, despite their friendly new boss. As if to rub salt in the wound, Barclays has been very happy to hire expensive senior staff (like Throsby) from J.P. Morgan – likely on guaranteed bonuses. The Wall Street Journal says senior Barclays bankers have lately been grumbling about the bank’s habit of hiring from J.P. Morgan instead of promoting from their own ranks. At a recent town hall, CEO (and ex-J.P.M banker) Jes Stanley reportedly told Barclays’ finest that the ex-J.P. Morgan people were there to “fix the bank for you.” Those J.P. Morgan bankers cost money. Still, it could be worse: Barclays’ unhappy bankers could be working for Deutsche.

Separately, what if Frankfurt steals the City of London’s finest treasures? Its trading desks. Goldman Sachs’ Brexit contingency plan reportedly involves it shifting traders to Frankfurt and now Citi has clarified that it might do the same. Following yesterday’s reports that Citi is thinking of moving hundreds of jobs out of London and into Frankfurt, the bank has clarified that the jobs in question are sales and trading jobs specifically and that Frankfurt could become a kind of trading hub. And who said clustering was only relevant in London?